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2023-11: Warosu is now out of extended maintenance.

/biz/ - Business & Finance

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15506761 No.15506761 [Reply] [Original]

My dad is 62 years old and he's a financial failure.

>work in the blue collar service industry ever since he was 16yo
>40 years+ of time to get rich off of the best economic conditions in america, still doesnt do it, total consumer mentality
>makes around $45k/yr - spends all his money on boats, guns, alcohol, cigarettes, and lottery tickets
>fooled into the 401k meme, got entirely wiped out in 2008
>literally never has made ANY actual investements in his life on his own outside a 401k
>financially illiterate
>is in debt up to his eyeballs right now but still working
>is literally disabled and only acts as a manager telling ppl what to do now since he knows everything about the industry hes in
>miserable, in constant pain, horrible to be around
>missed out on the dot com boom and literally every single bubble in his life
>talk radio addict and conservative propaganda connoisseur

He has maybe a good $1100/mo that he can save or use to get margin with.
Hospital bills are killing him literally.
Told him to take out a $10k loan the other day and to use it to buy all Bitcoin with.
Said this is the literal only chance you'll ever have of skipping out on bankruptcy in your near future.
Payments on the loan assuming 5 years would be around $280/mo, he can afford it but is too stupid to do it.

If he would have taken out the loan he would have around $300k by the end of 2021 and his financial problems would be over because that's where BTC is going.

He actually had the audacity to question my whirlwind of knowledge regarding finance... I have no respect for the boomers anymore.
They need to hurry up and die fucking faster imo. So sick of this financial incontinence.

>> No.15506773

Btc will lose to bsv. You sound pretty confident to convince your dad to take out a hundred thousand dollar loan and you aren’t even educated in the future of bitcoin

>> No.15506779
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15506779

>>15506773
kys u fucking street shitting pajeet and get the fuck out of my sad ass thread

>> No.15507118

>>15506761
Sounds a lot like my mom. She's the same age as your dad. She cut hair on and off, smoked meth, accumulated too many animals, was a 9.5/10 in the 70s and 80s but never married a worth shit man, never saved money, squandered the inheritance her parents left for her, never invested, never even bought a house, and expects me to swoop in and save her. Nope. Not happening.

>> No.15507172

>>15506779
So you hate your dad because he's a dumb boomer?
I see my boomers as children, that's really what they are. They're stupid, you can't count on them, but they're still my boomers. If you can't see and treat your boomers as children then you should move out.

>> No.15507212

Why do you incels all treat parents like shit?
You wouldn't be here if it wasn't your parents

>> No.15507226

>>15507212
exactly

>> No.15507233

>>15506761
I am 30, made several investments in stocks, all worth now 1/10 of initial value. Just because one makes investments doesnt mean one will make money.
I did invest in real estate and that is making me some money but it will need another 30 years until it pays off for itself and thats if the value of the property just doesnt drop to the bottom

>> No.15507238

whats the point of this thread, i didnt read op

>> No.15507268
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15507268

>>15506761
It's easy to talk in hindsight about everything he did wrong.

Try to step up from a blue collar job to a high paying job yourself. Especially in a time where you didn't have easy entry jobs like programming.

Your dad is struggling to get by and worked all his life. And now his 'son' is advising him to take a loan while he is already in debt for a high speculative asset.

And if your such a financial hotshot yourself then tell us how much you made of bitcoin. And if it's 200k + why you didn't give him one dollar.

A good son would talk with his dad about his retirement and helps him with a plan to reach it.

>> No.15507296
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15507296

>My dad is 62 years old and he's a financial failure.
>Told him to take out a $10k loan the other day and to use it to buy all Bitcoin with.
Like father, like son.

>> No.15507320

>>15506761
Have him go all in BSV and it will save him

>> No.15507360

>>15507212
Maybe shitty parents make shitty offspring and the boomers failed to raise their kids

>> No.15507374

>>15507296
savage

>> No.15507408

>>15507268
I manage a crypto capital fund in the low millions right now.
Everything I learned about how to be rich was all on my own.
I dont owe my dad any of my fucking money.
2017/2018 was very good to me.

tldr; if he doesnt respect me enough to fix his finances for him, then he deserves to die in debt. hes never respected me my entire fucking life and im sick of this shit.

>> No.15507423
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15507423

>like father, like son.

i am absolutely nothing like my father. literally.
we are so many worlds apart its like hes a fucking alien to me.

>> No.15507479

>>15506761
Show some respect for your father you piece of shit. He grew up in a different world and different set of life experiences than you. Why are westerners so disrespectful towards their parents?

>> No.15507513

>>15507268
This desu, I've made 12k USD in crypto so far this year and already looking at good retirement homes for my mom and dad. They are mean to me but they didn't abandon me even tho I'm physically disabled.

>> No.15507534

>>15507408
>hes never respected me my entire fucking life and im sick of this shit.
Spoiled brat piece of shit. I hope your son thinks the same of you one day when you're old.

>> No.15507591

>>15507534
>people who achieve the miracle of reproduction deserve unquestioned reverence

Fuck off

>> No.15507594

>>15507408
yeah right larper.

so your a millionaire and your telling your debt ridden dad to take out an other loan.

get a load of this guy.

My take, if the story is true your just mad that your dad still isn't proud of his son who just got lucky by the scam we call crypto.

>> No.15507615

>>15507594
ive been shit on my entire life by my father.
i'd rather die then bail him out for even 100k

>crypto is a scam
kys boomer

>> No.15507651

>>15506761
>loan for a highly volatile new asset class
you sound like your fathers son alright.

my boomer dad blows all his money on cars because he got wiped out in 08. he says fuck banks classic cars will keep value. this is in a market changing to electric cars where people cannot afford to maintain classics and the skills needed to repair them are dying out. when he dies at least i can sell them for scrap.

>> No.15507665

>>15507651
Low t males don’t appreciate cars. You sound like a faggot.

>> No.15507671

>>15507651
>he doesnt know that fortune favors the bold
never gonna make it

>> No.15507752

>>15507296
kek

>> No.15507979

>>15507665
Do you realise how cucked you sound? You're taking pride in another man's invention and work

>> No.15508136
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15508136

>>15507296